Yesterday, the XAU/USD exchange rate skyrocketed to the psychological level at 1,380.00. During today’s morning, the rate was trying to surpass the 1,385.00 level.
From the one hand, gold could continue to appreciate against the US Dollar, as it is supported by the 55-, 100– and 200-hour moving averages, currently located in the 1,340.34/1,352.50 range. The price for gold could target the upper boundary of the long-term ascending channel located circa 1,404.00.
From the other hand, the exchange rate could reverse south, as technical indicators show that gold is in the overbought zone. It is unlikely, that the price for gold could drop lower than 1,360.33/1,366.90 due to the support of the monthly R3 and the Fibo 0.00%.